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Veteran Advisor

Floor Talk February 9

At the close:

At the close, the March corn futures settled 5 1/2 cents higher at $3.91 per bushel.
March soybean futures finished 5 cents higher at $9.78 1/2.

March wheat futures closed 2 3/4 cents higher to $5.29 3/4. The March soybean meal futures finished $0.20 per short ton higher at $329.60. March soyoil futures finished $0.19 higher at $32.01.

In the outside markets, the Brent crude oil market is $0.84 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 113 points lower.

 

Mike

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At mid-session, the March corn futures are trading 4 3/4 cents higher at $3.90 1/2 per bushel.
March soybean futures are trading 1 3/4 cents higher at $9.75.

March wheat futures are trading 2 1/4 cents higher to $5.29. The March soybean meal futures are trading $0.50 per short ton lower at $328.90. March soyoil futures are trading $0.10 higher at $31.92.

In the outside markets, the Brent crude oil market is $0.50 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 43 points lower.

 

Mike

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At 9:45am:

At 9:45am, the March corn futures are trading 5 1/4 cents higher at $3.91 per bushel.
March soybean futures are trading 9 1/4 cents higher at $9.82.

March wheat futures are trading 2 3/4 cents higher to $5.29. The March soybean meal futures are trading $3.40 per short ton higher at $332.80. March soyoil futures are trading $0.09 higher at $31.91.

In the outside markets, the crude oil market is $0.41 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 78 points lower.

 

Mike

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At the open,

At the open, the March corn futures are trading 3/4 of a cent lower at $3.85 per bushel.
March soybean futures are trading 1/2 of a cent higher at $9.74.

March wheat futures are trading 3 1/2 cents lower to $5.23. The March soybean meal futures are trading unchanged at $329.40. March soyoil futures are trading $0.13 lower at $31.69.

In the outside markets, the crude oil market is $0.35 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 83 points lower.

 

Mike

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At 6:30am:

 

Early calls: Corn 1-2 cents lower, soybeans 1-2 cents higher, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.24 higher per barrel.
Dollar =Lower. 
Wall Street = Seen lower, as investors remain nervous about a renogitiation over the Greece bailout.

World Markets = Europe stocks were lower, Asia/Pacific stocks were mostly higher.

 

 

 

More in a minute,

 

Mike

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2 Replies
Senior Contributor

Re: Floor Talk February 9

 Hello boys,

 

I just came back from a trip in the west of Paraná. I visited the Coopavel, a farm show in Cascavel, western part of that state, and the Londrina region, in the North, closer to São Paulo. This farm show, as it is the first major fair of the year, brings up feelings about the new crop and the farmer's will to invest. Now, the mood is completely different from previous years. The problem is the economic setbacks that Brazil faced in 2014 and the fiscal adjustments (with more taxes and some reduction on spending) of early 2015 now are affecting rural areas. Brazilian farmers are still capitalized, but they fear the uncertain economic outlook. A stronger dollar benefits them. However, a changing value make them afraid too.

 

The top fear felt during that farm show, on the other hand, is the fact the government can possibly cut subsidies for farm investments by the second semester. The Brazilian government supports investment on machinery and other technologies made in Brazil through subsidized interest rates. Last year, the Safra Plan (our version of the Farm Bill) already brought a hike on interest rates and brought average farm interest rates to 6.5% (a jump of one percentage point). They fear that the hike this year can be higher. Year inflation now reached 7.1% (the highest in 12 years). The farm bill typically is announced in May and the new interest rates may be valid for contracts after July.

 

So given that scenario, a lot of major companies such as New Holland and John Deere are attempting to sell all what they can until July with discounts and promotions. As I reported earlier on Marketing Talk, other problem for farmers are costs of diesel. Therefore, considering all these items less profits and less investments on technology can be seen on the way.

 

Other than that, I can tell you that the soybean crops in Paraná have been looking good and the govt agency says over 80% of the development are regarded as good. In Rio Grande do Sul, my sources tell me that is not very different. The only pushback are the higher temperatures that require more care with plagues.

 

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Senior Advisor

Re: Floor Talk February 9

Thanks Luisvieira for the report - BUT it appears you left out some important parts on the show - Like the nice cowboy boots and cowboy hats ? but over all nice job Smiley Happy 

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